Nissan 370Z Forum - Giving car as a gift

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TongMan

01-27-2011 02:45 AM

Giving car as a gift

I have a 2006 Scion tC. I am going to give it as a gift to my brother. Is it best to sell it to him for $1 to avoid taxes and counting it as income? Or just signing over the DMV gift form?

ducky

01-27-2011 03:10 AM

does not matter..private party sale does not need to pay tax..not sure about ca though..

crash1369

01-27-2011 06:06 AM

yup, depends on where you live. But with a car that new their gonna want to know whats wrong with it that you would be selling it so cheaply. Or they might have a gifting procedure, obviously that would be the legal way if they do but I don't know how they tax on that. (Probably charge you the taxes for the value of the car I would guess)

PapoZalsa

01-27-2011 08:35 AM

Some places will still charge you sale taxes base on the BB at the DMV like the Republic of Virginia.

TongMan

01-27-2011 08:41 AM

That would suck 2x if they charge me tax again. I already paid taxes when I bought the car brand new.

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